With the government taxing only larger estates, fewer people are making gifts for tax purposes. Taxpayers now are giving their assets away via an inheritance, so heirs pay less in taxes when they sell those assets.

When it comes to setting up a trust, financial advisers say picking the right state is key because state laws govern trusts. Choose the wrong state, and a client can end up paying more in taxes and having less control.

Tax breaks for making charitable gifts from IRAs may have expired. But some financial advisers this tax season are factoring the qualified charitable distribution into 2014 plans on hopes Congress could extend it.

For those in lower tax brackets, tapping 401(k)s and IRAs before age 70½ can mean savings later. The idea: Keep the accounts from getting so big that they become a tax burden later on while building wealth in other accounts.